► loan an amount of money that you borrow from a bank:
They took out a loan to start their own business.I will be paying off the loan for at least five years.➔ A student loan is money that a student borrows to pay for college: If you need money for college, you can apply for a student loan.► mortgage money that you borrow from a bank to buy a house or apartment. Mortgages are usually paid back by regular payments over a long period of time:
It took us thirty years to pay off the mortgage on our house.► credit AWL an arrangement with a bank or store that allows you to buy something and pay for it later:
They bought all their furniture on credit, and are making monthly payments to the store.➔ A credit card is a small plastic card that you use to buy things and pay for them later: I paid for the meal with my credit card.► debt money that you owe:
He got a good job and finally paid off all his debts.➔ If you are in debt, you owe a lot of money to the bank or credit card company: They used the credit card too much, and now they are in debt.